After almost a quarter of a century operating as a personal business, with its monetary accounts a carefully safeguarded trick, SpaceX on Wednesday afternoon launched an in-depth accounting of its company in an almost 400-page S-1 filing with the United States Securities and Exchange Commission.

SpaceX, established in 2002 and still led by Elon Musk, sent the filing in anticipation of a going public of its stock as quickly as June 12.

The file exposed no significant surprises about the business’s area operations, however there was a chest of information about its vast operations, which now include launch, spaceflight, space-based Internet, and, thanks to its current acquisition of Musk’s xAI, social networks and AI.

The business reported incomes of $18.67 billion in 2025, up substantially from $14.02 billion the year before. After turning a little revenue in 2024, the business lost $4.94 billion in 2025 mostly due to investing on synthetic intelligence advancement.

That’s a huge market you’ve arrived

SpaceX predicts a “overall addressable market,” or TAM, of $28.5 trillion throughout its present and future offerings in area, information, and AI services. Of this quantity, just about $2 trillion is straight associated to area or the business’s Starlink network. The staying $26.5 trillion is thought to come from AI, mostly from business applications.